STOCKHOLM, May 9, 2018 /PRNewswire/ -- ASSA ABLOY has signed an agreement to acquire Pioneer Industries, a supplier of steel doors and frames for commercial applications in the US.
"I am very pleased to welcome Pioneer Industries into the ASSA ABLOY Group. Pioneer Industries is a complementary addition to ASSA ABLOY. The company reinforces our strong position in North America and is an additional opportunity to provide a complete range of products for total door opening solutions," says Nico Delvaux, President and CEO of ASSA ABLOY.
"The addition of Pioneer allows us to fortify our steel door and frame offering in the US and in particular the Atlantic region," says Lucas Boselli, Executive Vice President of ASSA ABLOY and Head of the Americas Division.
Pioneer Industries founded in 1930, has approximately 100 employees. The head office and factory are located in Carlstadt, New Jersey.
Sales for 2018 are expected to reach about USD 22 million (approx. SEK 180 million) with a good EBIT margin. The acquisition will be accretive to EPS from the start.
The acquisition is conditional upon satisfaction of customary closing conditions and is expected to close during the second quarter of 2018.
For more information, please contact:
President and CEO
tel. no: +46-8-506-485-82
Carolina Dybeck Happe
CFO and Executive Vice President
tel. no: +46-8-506-485-72
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SOURCE ASSA ABLOY